NORTHERN Australia should have at least one seat possibly more on the board charged with assessing applications for funding under the $5 billion infrastructure facility, Senator Matt Canavan said.
Speaking after an industry roundtable in Rockhampton, Senator Canavan, Minister for Northern Australia, said the skills-based board of the Northern Australian Infrastructure Facility (NAIF) would have “fair representation from northern Australia” either in experience in the north or from living in the north.
“It would be fair to say there would be at least one but hopefully multiple board members,” Senator Canavan said. “There is a broad range of those skills in the north but also some of those big experience with infrastructure finance resides in Sydney, Melbourne and Brisbane. We want high calibre people that attract high calibre investors and can make this leverage across not just government funding but private funding as well.”
Senator Canavan hosted the roundtable to seek feedback on the investment mandate which was released for a brief public consultation period, and will form the government’s instructions to the board.
“The key thing is people are very excited and there are lots of opportunity,” Senator Canavan said.
“There is also a great desire from the non-government people that we work together on this – local, state and federal level.
I’m very keen for this to be a plan not for the next five years but 10 or 20 years.”
Senator Matt Canavan also announced Cairns as the headquarters for the NAIF.
“Northern Australia punches well above its weight in terms of economic growth,” Senator Canavan said.
“It is home to just six per cent of our population, but produces 11 per cent of our gross domestic product. Locating a facility charged with developing this vital part of Australia in the north underscores our ongoing and genuine commitment to the region’s long term development.”
The legislation will be presented to parliament when it resumes from 18 April.
“If that all goes to plan then from 1 July loans can be made,” Senator Canavan.
An assessment of a pipeline of projects is underway.
